Norrep Short Duration 2015 Flow-Through Limited Partnership Completes Rollover Transaction

CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Norrep Capital Management Ltd. (Norrep Capital), the promoter and manager of the Norrep Short Duration 2015 Flow-Through Limited Partnership (the Partnership), announces that the previously announced tax deferred transfer of the assets of the Partnership to Norrep Opportunities Corp. (Norrep Opportunities), an open end mutual fund corporation, in exchange for MF Series shares of Norrep Energy Class, a class of shares of Norrep Opportunities (MF Series Shares), has been completed effective April 25, 2016 (the Liquidity Transaction).

The net asset values were calculated as at the close of business on April 25, 2016. The Partnership closed at a final price of $6.22 per unit. The Partnership received an aggregate of 1,177,722 MF Series Shares with a net asset value of approximately $11,981,190. As a result of the transfer, each limited partner of the Partnership will receive, effective upon dissolution of the Partnership, approximately 0.6113 of a MF Series Share for each limited partnership unit based on a net asset value of $6.22 per unit. The estimated adjusted cost base for the Partnership is $2.8684 per unit, which translates to $4.6927 per share for the MF Series Shares distributed to limited partners. The MF Series Shares will be distributed to the limited partners within five business days following the date of dissolution of the Partnership.

The Partnership will be dissolved in accordance with the Partnership Act (Alberta) on April 26, 2016.

Norrep Energy Class is a publicly offered mutual fund, as are the other classes of Norrep Opportunities. Norrep Opportunities is managed by Norrep Capital, which is also the portfolio adviser to the Partnership.

There are no fees for investors related to the Liquidity Transaction and no costs associates with the Liquidity Transaction will be charged to Norrep Opportunities. The Liquidity Transaction does not represent a taxable event. Investors may defer the capital gains tax liability that would otherwise occur upon the disposition of the investment by continuing to hold the MF Series Shares of Norrep Energy Class or, prior to October 2016 (based upon the 2016 Federal Budget) by initiating a tax-deferred switch to another mutual fund class within the multi-class structure of Norrep Opportunities. The other mutual funds making up Norrep Opportunities are:

FUND	ASSET CLASS
Norrep II Class	Canadian small/mid cap equity
Norrep Canadian Equity Class	Canadian equity
Norrep Income Growth Class	Canadian equity balanced
Norrep US Dividend Plus Class	U.S. equity
Norrep Global Class	Global equity
Norrep Entrepreneurs Class	Canadian small/mid cap equity
Norrep High Yield Class	High yield fixed income
Norrep Global Income Growth Class	Global equity balanced
Norrep Tactical Opportunities Class	Tactical balanced

Information about Norrep Opportunities, including Norrep Energy Class

Information about Norrep Energy Class and Norrep Opportunities is available in the Norrep

Opportunities' Fund Facts documents, simplified prospectus, annual information form, management reports of fund performance and financial statements. You can obtain a copy of these documents at your request and at no cost by contacting Norrep toll free at: 1-877-431-1407, by e-mailing info@norrep.com, by downloading from www.norrep.com or www.sedar.com or from your financial advisor.

Norrep Capital Management Ltd. is an independent Canadian investment firm managing approximately $1 billion in a strategically focused group of investment funds and limited partnerships with offices in Calgary and Toronto.

Certain information set forth in this press release, including a discussion of the timing and completion of the dissolution of the Partnership, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the receipt of any required consents or approvals. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements and there is no assurance that the dissolution will be completed when stated or at all.